2021 Coconut Grove Real Estate Values | A Look Back at 2020 & Covid’s Impact Posted on March 27, 2021 by Michael Light As I do every year, I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the previous year and look at where our community is trending. The start to 2021 has been a bit different for me compared to previous years as my wife and I had a new baby girl in January, so the start to this new year has been very busy for me and my family…my apologies for the delay. I am a Groveite through and through. I met my wife in the Grove 11 years ago, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine), I have lived in the Grove for the past 11 years, and I am the Senior Director of Luxury Sales at Douglas Elliman in our Grove office at Two CocoWalk. I have put together this report for the past 7 years because I care about the health of our community and helping people understand where the Grove housing market has been and is headed. The overall market in South Florida exploded in 2020 due to an enormous influx of buyers from New York, Chicago and L.A. triggered by Covid in large part because of “the way our city is being run” – (I lumped many, many different people into that one sentence as that was a very common answer when asking buyers “why Florida?”). The Coconut Grove real estate market had increased year-over-year for 7 consecutive years until it slowed in 2019, but then exploded in 2020. Here are some takeaways from the 2020 numbers: Total sales volume in ALL of the Grove set a new all-time high at $541,812,781, shattering the previous high of $511,592,369 from 2018. The average sales price per square foot in ALL of the Grove also set a new all-time high at $459.27, besting the previous high of $446.51 from 2018. The median sales price in ALL of the Grove also set a new all-time high at $811,000, an 8.5% jump from the previous high of $747,500 from 2019. Center Coconut Grove seemed to have the biggest jumps with BOTH its average & median sales prices jumping a whopping 19.9% & 25.8%, respectively. Coconut Grove Real Estate – Months of Supply Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came on the market. This stat determines whether it is a Buyer’s Market or Seller’s Market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers. Single-Family Homes: 4.4-Month Supply (Heavy Seller’s Market) 95 Currently Available 130 Sold in Past 6 Months Condos: 9-Month Supply (Slight Buyer’s Market) 172 Currently Available 114 Sold in Past 6 Months Townhomes: 4.2-Month Supply (Heavy Seller’s Market) 32 Currently Available 46 Sold in Past 6 Months *All 3 categories above are the lowest of any period in Coconut Grove’s history* Below, I have laid out all of the 2020 Coconut Grove real estate statistics and then a year-over-year comparison of 2020 versus 2019. 2020 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 492 Total Sales Volume: $541,812,781 Average List Price: $1,188,287 Median List Price: $875,000 Average Sales Price: $1,101,245 (92.7% of List Price) Median Sales Price: $811,000 (92.7% of List Price) Average Sales Price Per SQ/FT: $459.27 Median Sales Price Per SQ/FT: $410.28 Days on Market: 123 Average / 73 Median Highest Priced Sale of 2020: Grove at Grand Bay #1901S Closed on 08/31/2020 @ $8,032,500 ($1,365.14 per sq/ft) Lowest Priced Sale of 2020: 3615 Thomas Ave. Closed on 12/07/2020 @ $85,000 ($180.85 per sq/ft) Download: 2020 ALL Coconut Grove Closed Real Estate Sales 2020 vs. 2019 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: EQUAL (+4.7%) | 492 in 2020 vs. 492 in 2019 (470 in 2018) Total Sales Volume: UP $65,578,105 (+13.8%) | $541,812,781 in 2020 vs. $476,234,676 in 2019 ($511,592,369 in 2018) Average List Price: UP $144,876 (+13.9%) | $1,188,287 in 2020 vs. $1,043,411 in 2019 ($1,183,965 in 2018) Median List Price: UP $76,500 (+9.6%) | $875,000 in 2020 vs. $798,500 in 2019 ($759,460 in 2018) Average Sales Price: UP $133,008 (+13.7%) | $1,101,245 in 2020 vs. $968,237 in 2019 ($1,088,494 in 2018) Median Sales Price: UP $63,500 (+8.5%) | $811,000 in 2020 vs. $747,500 in 2019 ($725,000 in 2018) Average Sales Price Per SQ/FT: UP $27.35 (+6.3%) | $459.27 in 2020 vs. $431.92 in 2019 ($446.51 in 2018) Median Sales Price Per SQ/FT: UP $16.58 (+4.2%) | $410.28 in 2020 vs. $393.70 in 2019 ($396.10 in 2018) Coconut Grove Neighborhoods Map To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and the Mayfair Hotel & Spa are both located in Center Grove and Kennedy Park is located in North Grove). 2020 vs. 2019 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 192 in 2020 | 159 in 2019 (127 in 2018) Average List Price: $1,427,992 in 2020 | $1,350,959 in 2019 ($1,542,612 in 2018) Median List Price: $1,100,000 in 2020 | $1,149,000 in 2019 ($1,130,000 in 2018) Average Sales Price: (+5.0%) $1,303,196 in 2020 | $1,241,543 in 2019 ($1,416,833 in 2018) Median Sales Price: (+1.0%) $1,050,000 in 2020 | $1,040,000 in 2019 ($1,050,000 in 2018) Average Sales Price Per SQ/FT: (-2.2%) $473.26 in 2020 | $483.65 in 2019 ($517.90 in 2018) Median Sales Price Per SQ/FT: (+0.4%) $436.72 in 2020 | $435.19 in 2019 ($451.15 in 2018) Days on Market: 154 Average | 101 Median in 2020 (166 Average | 103 Median in 2019) Highest Priced Sale of 2020: Grove at Grand Bay #1901S Closed on 08/31/2020 @ $8,032,500 ($1,365.14 per sq/ft) Lowest Priced Sale of 2020: 3071 SW 27th Ave. #10 Closed on 02/11/2020 @ $140,000 ($276.13 per sq/ft) Download: 2020 NORTH Coconut Grove Closed Real Estate Sales 2020 vs. 2019 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 54 in 2020 | 49 in 2019 (67 in 2018) Average List Price: $2,003,343 in 2020 | $1,727,041 in 2019 ($2,210,348 in 2018) Median List Price: $1,519,000 in 2020 | $1,299,000 in 2019 ($1,690,000 in 2018) Average Sales Price: (+17.1%) $1,878,919 in 2020 | $1,605,041 in 2019 ($2,033,042 in 2018) Median Sales Price: (+13.3%) $1,387,500 in 2020 | $1,225,000 in 2019 ($1,540,000 in 2018) Average Sales Price Per SQ/FT: (+17.3%) $538.08 in 2020 | $458.62 in 2019 ($509.04 in 2018) Median Sales Price Per SQ/FT: (+15.1%) $501.22 in 2020 | $435.30 in 2019 ($478.84 in 2018) Days on Market: 106 Average | 54 Median in 2020 (137 Average | 92 Median in 2019) Highest Priced Sale of 2020: 3604 Matheson Ave. Closed on 07/14/2020 @ $6,680,000 ($998.06 per sq/ft) Lowest Priced Sale of 2020: 4195 Park Ave. Closed on 01/10/2020 @ $625,000 ($692.90 per sq/ft) Download: 2020 SOUTH Coconut Grove Closed Real Estate Sales 2020 vs. 2019 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 155 in 2020 | 174 in 2019 (197 in 2018) Average List Price: $765,628 in 2020 | $638,003 in 2019 ($759,332 in 2018) Median List Price: $589,000 in 2020 | $464,950 in 2019 ($535,000 in 2018) Average Sales Price: (+19.9%) $717,214 in 2020 | $598,390 in 2019 ($691,480 in 2018) Median Sales Price: (+25.8%) $560,000 in 2020 | $445,000 in 2019 ($510,000 in 2018) Average Sales Price Per SQ/FT: (+10.6%) $447.12 in 2020 | $404.42 in 2019 ($405.21 in 2018) Median Sales Price Per SQ/FT: (+3.7%) $387.17 in 2020 | $373.52 in 2019 ($352.66 in 2018) Days on Market: 104 Average | 60 Median in 2020 (199 Average | 72 Median in 2019) Highest Priced Sale of 2020: 3309 Devon Ct. Closed on 12/17/2020 @ $7,725,000 ($1,365.08 per sq/ft) Lowest Priced Sale of 2020: 3242 Mary St. #S-315 Closed on 12/21/2020 @ $152,000 ($299.80 per sq/ft) Download: 2020 CENTER Coconut Grove Closed Real Estate Sales 2020 vs. 2019 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 92 in 2020 | 110 in 2019 (79 in 2018) Average List Price: $913,367 in 2020 | $933,300 in 2019 ($816,700 in 2018) Median List Price: $787,500 in 2020 | $796,500 in 2019 ($650,000 in 2018) Average Sales Price: (-1.2%) $862,709 in 2020 | $872,832 in 2019 ($769,799 in 2018) Median Sales Price: (-2.5%) $760,000 in 2020 | $779,500 in 2019 ($615,000 in 2018) Average Sales Price Per SQ/FT: (+3.2%) $402.47 in 2020 | $389.88 in 2019 ($381.78 in 2018) Median Sales Price Per SQ/FT: (+5.9%) $388.44 in 2020 | $366.74 in 2019 ($360.02 in 2018) Days on Market: 98 Average | 53 Median in 2020 (175 Average | 135 Median in 2019) Highest Priced Sale of 2020: 4160 Raynolds Ave. Closed on 09/29/2020 @ $3,015,000 ($781.09 per sq/ft) Lowest Priced Sale of 2020: 3615 Thomas Ave. #11 Closed on 12/07/2020 @ $85,000 ($180.85 per sq/ft) Download: 2020 WEST Coconut Grove Closed Real Estate Sales If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market. You may reach me directly at my CocoWalk office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 2019 Coconut Grove Market Report 2018 Coconut Grove Market Report 2017 Coconut Grove Market Report 2016 Coconut Grove Market Report 2015 Coconut Grove Market Report 2014 Coconut Grove Market Report Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on March 1, 2021. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + map outline + city not equal to “Coral Gables.” The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate. In addition, the information contained herein is for informative purposes only and should not be relied upon.
Douglas Elliman’s Q1 2021 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on March 20, 2021May 28, 2021 by Michael Light Douglas Elliman has released the 1st quarter 2021 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q1 2021 Market Reports: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Douglas Elliman’s Q1 2021 Coral Gables Market Report Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q1 2021 Sales Overall Highlights “The market was characterized by record pricing as well as falling supply.” Condo sales rose annually for the 3rd straight quarter as listing inventory fell for the 7th time. All single-family price trend indicators set new records collectively for the 4th straight quarter. Listing inventory for all property types fell sharply to the lowest on record. Aventura All price trend indicators surged year over year to new records. The number of sales jumped annually for the 3rd consecutive quarter. Brickell Median sales price posted year over year record gains. The number of sales nearly doubled year over year at a record rate. Coconut Grove Condo price trend indicators surged to new records. Condo listing inventory declined year over year to a new low. Single family price trend indicators continued to show year over year mixed results. Single family listing inventory and months of supply fell sharply to record lows. Downtown Miami Condo price trend indicators rose sharply to new records. Condo listing inventory dropped annually to a new low. Single family price trend indicators surged year over year. Single family listing inventory and months of supply fell sharply to record lows. Palmetto Bay Single family median sales price and average price per square foot rose to new records. Listing inventory fell year over year at the highest rate to a new low. Pinecrest All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. South Miami All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. DOWNLOAD: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q1 2021 Sales Overall Highlights “The brisk market conditions continued into the new year with record highs for pricing and sales but with chronically low listing inventory.” The Coral Gables housing market saw sharply rising prices, heavy sales volume and listing inventory falling to new lows. A byproduct of these market conditions was a blistering pace. Single-family sales jumped 46.3% to 139 from the year-ago quarter as their listing inventory plunged 59.8% to a record low of 153 over the same period. DOWNLOAD: Douglas Elliman’s Q1 2021 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q1 2021 Sales Overall Highlights “The market was characterized by record pricing, heavy sales volume, and a sharp decline in listing inventory.” All single-family price trend indicators surged to record highs as sales nearly tripled to a record. All condo price trend indicators surged year over year at a record rate to new highs. With the sharp rise in luxury condo sales and drop in listing inventory, the market pace was the fasted in 7 years. Sunny Isles Beach The number of sales nearly doubled year over year. Price trend indicators pressed higher year over year. Bal Harbour The number of sales rose sharply year over year for the 2nd consecutive quarter. Price trend indicators drifted lower year over year. Bay Harbor Islands Price trend indicators surged higher year over year. Price trend indicators and sales posted large annual gains. Surfside Condo sales more than doubled from the year-ago quarter. Condo price trend indicators continued to show mixed year-over-year trends. Single family sales more than doubled annually for the 2nd time in 3 quarters. Single family price trends rose collectively year over year for the 3rd straight quarter. North Bay Village The number of sales continued to rise sharply above prior-year levels. Price trend indicators moved higher from the prior-year quarter. Miami Beach Islands The number of sales nearly quintupled from the year-ago quarter. All price trend indicators jumped above prior-year levels. North Beach Price trend indicators rose sharply year over year. Sales surged year over year after 4 straight declines. Mid-Beach Price trend indicators rose sharply year over year. Sales surged year over year for the 3rd consecutive quarter. South Beach Price trend indicators rose to new records year over year. Sales surged year over year for the 2nd consecutive quarter. Key Biscayne Condo sales rose sharply year over year for the 3rd consecutive quarter. Condo price trend indicators continued to surge from year-ago levels. Single family sales surged year over year for the 5th consecutive quarter. Single family price trend indicators pressed higher year over year. Fisher Island The number of sales more than tripled from the prior-year quarter. The price trend indicators showed mixed annual gains. DOWNLOAD: Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
SOLD! | Highest Priced Off-Water Sale in the History of Coconut Grove at $8.7M Posted on March 6, 2021October 13, 2021 by Michael Light Listing Brokers, Michael and Jaimee Light of The Light Group at Douglas Elliman Real Estate, are pleased to announce their newest record-breaking sale in Coconut Grove. 4100 Kiaora Street just sold for $8.7 Million setting the all-time highest priced off-water sale in the history of Coconut Grove! As seen in Mansion Global, Miami Herald and The Real Deal, 4100 Kiaora is an impeccable 1-story gated estate situated on a 1.1-acre property in the South Grove neighborhood featuring 9,323 square feet of interior space, a detached guest house, 4-car attached garage and an expansive backyard with an infinity-edge swimming pool, oversized spa, volleyball court, manicured green space and outdoor gym. This is not the first record-breaking sale Michael has set in the historic Coconut Grove neighborhood. In 2017, Michael shattered 2 Coconut Grove real estate records at that time, when he sold 3503 Banyan Circle, setting the highest-price-per-square-foot off-water home record and being the first non-waterfront home in the history of Coconut Grove to sell over $5 Million. Since 2017, there have been 12 more off-water homes to sell above $5 Million, including 4100 Kiaora. Coconut Grove Historical Off-Water Sales Over $5 Million The seller of the home was Bestselling Author, Maria Alejandra Llamas, and her husband, Genaro Diaz Lozano, CEO of real estate investment management firm GreenWater Investments, who built the house in 2016, sparing no expense, while the buyer is a foreign executive businessman. If you, or someone you know, are interested in selling your home in Coconut Grove, please call Coconut Grove residents, Michael and Jaimee Light at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. 4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove Overview of 4100 Kiaora Street in Coconut Grove Ideally Located in the South Coconut Grove Neighborhood of Miami, Florida Gated and Walled Property with Lush Landscaping and Manicured Grounds Built in 2016 by the Current Owners with No Expenses Spared 1-Story Impeccable Residence with Poliform Furniture Home Square Footage: Living: 9,323 Square Feet / 866 Square Meters Home Square Footage: Total: 12,042 Square Feet / 1,119 Square Meters Lot Size: 1.1 Acres / 47,705 Square Feet / 4,432 Square Meters Main House Features 6 Bedrooms, Including 2 Master Suites and Staff Quarter, + 6 Full Bathrooms + Powder Room Detached Guest House Currently Utilized as a Gym + Full Bathroom Elan Smart Home Automation System Generac Whole Home Generator Hurricane-Impact Windows and Doors Throughout 12-Foot Ceilings Formal Foyer with Open-Air Atrium Eat-In Chef’s Kitchen featuring Gas Cooking and Breakfast Room Formal Dining Room and Study Custom Bathrooms by Waterworks Parking: 4-Car Attached Garage with A/C + Additional Parking Expansive Backyard with Manicured Green Space, Synthetic Grass, Outdoor Gym and Covered Patios with BBQ and Dining Area Infinity-Edge Swimming Pool and Oversized Spa Volleyball Court
Douglas Elliman’s Q4 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on February 15, 2021March 27, 2021 by Michael Light Douglas Elliman has released the 4th quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q4 2020 Market Reports: Douglas Elliman’s Q4 2020 Miami Coastal Mainland Market Report Douglas Elliman’s Q4 2020 Coral Gables Market Report Douglas Elliman’s Q4 2020 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q4 2020 Sales Overall Highlights “Record single family and condo price trend indicators and sales rose against backdrop of falling listing inventory.” Condo price trend indicators and sales moved higher as listing inventory slipped to a 3-year low. Single family price trend indicators set new records as sales surged year over year by their largest amount in 7 years. Market-wide sales rose year over year for the 6th time in 7 quarters. Aventura Price trend indicators showed mixed results as compared to year-ago levels. The number of sales surged year over year for the 2nd straight quarter. Brickell The number of sales surged year over year for the 2nd straight quarter. Median sales price increased annually for the 4th consecutive quarter. Coconut Grove Condo median sales price rose annually for the 4th time in 5 quarters. Condo number of sales declined from the prior-year quarter. Single family price trend indicators showed mixed annual results. Single family sales increased year over year for the 4th time in 5 quarters. Downtown Miami Condo median sales price raised its year-over-year streak to 27 quarters. Condo sales rose annually for the 1st time in 3 quarters. Single family sales rose annually for the 6th time in 7 quarters. Single family median sales price has consistently increased annually for nearly 7 years. Palmetto Bay Single family median sales price rose year over year for the 3rd time in 4 quarters. The number of sales rose annually for the 1st time in 3 quarters. Pinecrest The number of sales nearly doubled year over year in the final quarter of 2020. Median sales price rose year over year for the 1st time in 3 quarters. South Miami Median sales price slipped year over year for the 1st time in 3 quarters. The number of sales roughly doubled year over year in the 2nd half of 2020. DOWNLOAD: Douglas Elliman’s Q4 2020 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q4 2020 Sales Overall Highlights “Sales rose sharply higher year over year rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” Record low mortgage rates and chronically low inventory kept market conditions tight. The single family market continued to see significant year-over-year sales growth and large gains in the price trend indicators. The single family average sales price surged 47.5% to a record $1,935,488 and median sales price jumped 31.9% to a record $1,175,000, respectively, from the prior-year quarter. These records were made possible by the 10.5% rise in average sales size to 3,102 square feet. DOWNLOAD: Douglas Elliman’s Q4 2020 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q4 2020 Sales Overall Highlights “Single family and condo price trend indicators and sales rose against the backdrop of falling listing inventory.” The market saw the most condo sales in more than 5 years, while price trend indicators were skewed higher by larger sized sales. Luxury condo price trend indicators continued to jump year over year, also aided by the rise in average sales size. Single family price trend indicators set records as the number of sales surged from year-ago levels. Sunny Isles Beach The number of sales surged year over year. Price trend indicators continued to see large annual gains. Bal Harbour The number of sales jumped year over year for the 1st time in 4 quarters. Price trend indicators showed mixed results year over year. Bay Harbor Islands Price trend indicators showed mixed results year over year. The number of sales rose year over year for the 3rd time in 4 quarters. Surfside Condo sales surged year over year for the 2nd consecutive quarter. Condo price trend indicators showed mixed results as compared to year-ago levels. Single family sales surged year over year for the 2nd consecutive quarter. Single family price trends rose sharply above the same period last year. North Bay Village The number of sales surged year over year after 3 straight quarters of declines. Price trend indicators and the average sales size slid from the prior-year quarter. Miami Beach Islands All price trend indicators skewed lower by the drop in average sales size. The number of sales surged annually over the last 3 quarters. North Beach Price trend indicators showed mixed results as compared to year-ago levels. The number of sales decreased year over year for the 4th straight quarter. Mid-Beach Price trend indicators showed mixed results as compared to year-ago levels. The number of sales surged from the same period last year. South Beach Price trend indicators showed mixed results as compared to year-ago levels. The number of sales pressed higher than the year-ago quarter. Key Biscayne The number of condo sales nearly doubled year over year. Condo price trend indicators continued to see gains despite the drop in average sales size. Single family sales rose over 6-fold from the prior-year quarter. Single-family home price trend indicators roughly doubled from the same period a year ago. Fisher Island Condo price trend indicators rose sharply, aided by a jump in average sales size. The number of condo sales more than doubled from the prior-year quarter. DOWNLOAD: Douglas Elliman’s Q4 2020 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q3 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on November 20, 2020 by Michael Light Douglas Elliman has released the 3rd quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q3 2020 Market Reports: Douglas Elliman’s Q3 2020 Miami Coastal Mainland Market Report Douglas Elliman’s Q3 2020 Coral Gables Market Report Douglas Elliman’s Q3 2020 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q3 2020 Sales Overall Highlights “Sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” The overall number of condo and single-family home sales pressed 17.6% higher than the 5-year quarterly average of 3,645. There were 4,286 sales to close, up 6% from prior-year quarter and up 60.4% from the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity. All price trend indicators for their overall markets by property types and their respective luxury submarkets saw large year-over-year price gains. Aventura The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. Brickell The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. Coconut Grove The number of condo sales were unchanged from the prior-year quarter. Condo price trend indicators showed mixed results as compared to year-ago levels. The number of single family sales surged quarter over quarter after the shutdown. Two of the three price trend indicators rose sharply above year-ago levels. Downtown Miami The number of condo sales surged quarter over quarter after the shutdown. Condo price trend indicators rose sharply above year-ago levels. The number of single family sales surged quarter over quarter after the shutdown. Single family price trend indicators rose sharply above year-ago levels. Palmetto Bay The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. Pinecrest The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. South Miami The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. DOWNLOAD: Douglas Elliman’s Q3 2020 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q3 2020 Sales Overall Highlights “Total market sales pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” The overall number of sales, when combining condo and single-family homes, pressed higher. There were 274 sales to close, up 25.2% from the prior-year quarter, but more than double the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity. Single-family listing inventory fell year over year for the 4th straight quarter, down 19.8% to 316 as would-be sellers came back to the market. Douglas Elliman’s Q3 2020 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q3 2020 Sales Overall Highlights “Sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” The overall number of condo and single-family home sales pressed 16.5% higher than the 5 year quarterly average of 802. There were 934 sales to close, up 9.9% from the prior-year quarter, and up 86.4% from the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity Sunny Isles Beach The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. Bal Harbour The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. Bay Harbor Islands The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. Surfside The number of sales surged quarter over quarter after the shutdown. Condo price trend indicators showed mixed results as compared to year-ago levels. Single-family home sales surged quarter over quarter after the shutdown. Single-family home price trend indicators increased above year-ago levels. North Bay Village The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. Miami Beach Islands The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. North Beach The number of sales surged quarter over quarter after the shutdown. Price trend indicators rose sharply above year-ago levels. Mid-Beach The number of sales surged quarter over quarter after the shutdown. Price trend indicators pressed higher as compared to year-ago levels. South Beach The number of sales surged quarter over quarter after the shutdown. Price trend indicators showed mixed results as compared to year-ago levels. Key Biscayne The number of condo sales surged quarter over quarter after the shutdown. Condo price trend indicators rose sharply above year-ago levels. The number of single-family home sales surged quarter over quarter after the shutdown. Single-family home price trend indicators rose sharply above year-ago levels. Fisher Island Condo price trend indicators fell short of year-ago levels. The number of condo sales surged quarter over quarter after the shutdown. DOWNLOAD: Douglas Elliman’s Q3 2020 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Covid-19 was the Stimulus for Record-Breaking Sales in Miami Posted on September 19, 2020 by Michael Light Earlier this year, the virus/pandemic/lockdown (most people interchange any of these words) caused many to consider the Miami Beach real estate market on its way to crashing and burning. Everywhere I looked, headlines were written to induce visions of post-2008, plummeting values, end-of-the-world type catastrophic hyperbole that almost seemed like a self-fulfilling prophecy…many almost rooting for this. I’ve had calls and emails with many clients both locally and globally that asked how bad things would get and how much real estate value they would lose. I even have one client who sends me YouTube videos of so-called “experts” predicting real estate values crashing. I will tell those of you reading this the same thing I told them…you CANNOT look at things, especially real estate, on such a “macro” level – the overall real estate market in the U.S. or Florida or even Miami-Dade County has no bearing on your small pocket/neighborhood/community/street or building! You must think locally! If you ask a real estate agent “how is the real estate market” and they begin answering that question, as asked, take caution! No one can possibly answer such a broad question like that without understanding what neighborhood…what price point…what criteria…sales velocity/absorption rate/months of supply…houses or condos? Asking such a broad question will never get you an accurate answer. Furthermore, if you own a $10M waterfront home in Miami Beach, do you really care how the $500k condo market in Brickell is affecting the “real estate market?” Do you see what I mean when I say you cannot focus on the “macro” or overall view, but you must think local? If we look at $10M+ inventory, most people would not believe that the last 6 months may have been the most active, record-setting time period in the history of Miami real estate…and this includes the dreaded pandemic! Star Island in Miami Beach: There are only 28 homes on Star Island in Miami Beach plus 6 vacant lots. If you look back at the sales history of homes on the island, only 1 sale occurs every couple of years. Would you be surprised, if not amazed, that 4 homes have sold, 3 land sales closed PLUS 1 more home is currently pending contract on Star Island within the last 4 months? 22 Star Island – Sold for $49.5M July 2020 (Robert Kraft, owner of the New England Patriots, rumored to be the buyer) 11 & 12 Star Island – Sold for $37M August 2020 (THIS WAS A LAND SALE – 80,000 sq/ft lot – purchased by billionaire hedge fund manager Ken Griffin) 13 Star Island – Sold for $32.5M August 2020 (A-Rod and J-Lo rumored to be the buyers) 14 Star Island – Sold for $24M August 2020 29 Star Island – Sold for $20.1M September 2020 34 Star Island – Sold for $12M July 2020 (Land Sale – 40,000 sq/ft lot) 44 Star Island – Sold for $10M May 2020 (Land Sale – 48,266 sq/ft lot) 46 Star Island – Under Contract (Was Asking $39.95M) Gables Estates in Coral Gables: There are 192 homes, most are waterfront, within Gables Estates in Coral Gables. Known as the most exclusive gated community in Coral Gables, Gables Estates has only seen 9 closed sales over $10M during the past 5 years…but, during this supposed “collapsing” market, there have been 8 sales in the past 5 months alone! 620 Arvida Parkway – Sold for $49M April 2020 21 Casuarina Concourse – Sold for $37.5M June 2020 700 Casuarina Concourse – Sold for $30M April 2020 (Pharrell rumored to be the buyer) 90 Leucadendra Drive – Sold for $22M July 2020 115 Arvida Parkway – Sold for $20M August 2020 340 Leucadendra Drive – Sold for $12.25M July 2020 (Partially Completed Home – Under Construction) 150 Arvida Parkway – Under Contract (Was Asking $48M) 500 Arvida Parkway – Under Contract (Was Asking $21.9M) In addition to the two exclusive communities above, below is a list of additional, notable $10M+ closed sales over the past 6 months: 1510 W 25th Street – Sold for $24.5M August 2020 (Sunset Islands in Miami Beach) 252 Bal Bay Drive – Sold for $23.25M July 2020 (Bal Harbour) 19 Palm Avenue – Sold for $20.5M August 2020 (Palm Island in Miami Beach) 15 Palm Avenue – Sold for $19.75M August 2020 (Palm Island in Miami Beach) 38 Indian Creek Island Road – Sold for $17.028M April 2020 (Indian Creek Island) 23 Tahiti Beach Island Road – Sold for $16M April 2020 (Tahiti Beach in Coral Gables) 1635 W 22nd Street – Sold for $15M August 2020 (Sunset Islands in Miami Beach) 5050 North Bay Road – Sold for $14.2M February 2020 (North Bay Road in Miami Beach) 941 N Venetian Drive – Sold for $13.6M September 2020 (Venetian Islands in Miami Beach) 1525 N View Drive – Sold for $12.002M June 2020 (Sunset Islands in Miami Beach) 5212 North Bay Road – Sold for $11.1M August 2020 (Teardown for Land Value – North Bay Road in Miami Beach) 70 Palm Avenue – Sold for $10.85M July 2020 (Needs a Massive Facelift – Palm Island in Miami Beach) 4420 North Bay Road – Sold for $10.8M August 2020 (North Bay Road in Miami Beach) 445 + 441 E Rivo Alto Drive – Under Contract (Was Asking $19.9M on the Venetian Islands in Miami Beach) 6650 Allison Road – Under Contract (Was Asking $15.9M on Allison Island in Miami Beach) 460 N Mashta Drive – Under Contract (Was Asking $15.5M on Mashta Island in Key Biscayne) 555 Reinante Avenue – Under Contract (Was Asking $15.495M in Old Cutler Bay in Coral Gables) 35 E Dilido Drive – Under Contract (Was Asking $14.85M on the Venetian Islands in Miami Beach) 436 W Rivo Alto Drive – Under Contract (Was Asking $14.75M on the Venetian Islands in Miami Beach) 709 E Dilido Drive – Under Contract (Was Asking $10.9M on the Venetian Islands in Miami Beach) The sales above in the Miami & Miami Beach area do not just show that the market is active, they show that the appetite for luxury single-family homes is the highest it has ever been AND that we are in a Seller’s Market at this price point! If you are from New York, New Jersey, Chicago, California (places most of the buyers are coming from while “escaping” Covid-19 in their cities), you have to understand that though the real estate market where you are coming from might be “down” at this price point, it does not mean that our market is following suit. If you, or someone you know, would like to buy or sell real estate in Miami, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
JUST LISTED | 1.1-Acre Gated Estate in Coconut Grove Offered at $9.950M $9.150M Posted on August 15, 2020January 10, 2021 by Michael Light Michael and Jaimee Light of the Light Group at Douglas Elliman are proud to announce their newest luxury listing in Coconut Grove, 4100 Kiaora Street, which is ideally located in the South Grove neighborhood of Miami on a rare 47,705-square-foot lot. As seen in Mansion Global, the home is owned by Bestselling Author Maria Alejandra Llamas and her husband Genaro Diaz Lozano, CEO of real estate investment management firm GreenWater Investments, who built the house in 2016, sparing no expense. The 1-story home is truly impeccable offering 9,323 square feet of interior living space complete with Poliform furnishings throughout, an eat-in Poliform kitchen with gas cooking and custom bathrooms by Waterworks. The home offers 6 bedrooms and 7.5 bathrooms, including 2 master suites with a private living room and executive office, along with a formal dining room, great room, living room and breakfast room. The house also features an Elan Home Automation System, 12-foot ceilings, wood flooring, impact-resistant windows/doors, custom lighting, security cameras and a whole home generator. 4100 Kiaora is walled and gated for complete privacy and is an extraordinary home for indoor and outdoor entertaining. The expansive backyard is surrounded by lush landscaping and features synthetic grass, an infinity-edge swimming pool, oversized Jacuzzi, volleyball court, outdoor gym with sand flooring, 4 covered terraces including a dining terrace and a detached guest house the currently serves as a gym. If you are a qualified buyer interested in a private viewing of 4100 Kiaora Street in Coconut Grove, please contact listing broker Michael Light directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. DOWNLOAD 4100 Kiaora Street Residence Features List DOWNLOAD 4100 Kiaora Street Floor Plan 4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove4100 Kiaora Street in Coconut Grove Overview of 4100 Kiaora Street in Coconut Grove Ideally Located in the South Coconut Grove Neighborhood of Miami, Florida Gated and Walled Property with Lush Landscaping and Manicured Grounds Built in 2016 by the Current Owners with No Expenses Spared 1-Story Impeccable Residence with Poliform Furniture Home Square Footage: Living: 9,323 Square Feet / 866 Square Meters Home Square Footage: Total: 12,042 Square Feet / 1,119 Square Meters Lot Size: 1.1 Acres / 47,705 Square Feet / 4,432 Square Meters Main House Features 6 Bedrooms, Including 2 Master Suites and Staff Quarter, + 6 Full Bathrooms + Powder Room Detached Guest House Currently Utilized as a Gym + Full Bathroom Elan Smart Home Automation System Generac Whole Home Generator Hurricane-Impact Windows and Doors Throughout 12-Foot Ceilings Formal Foyer with Open-Air Atrium Eat-In Chef’s Kitchen by Poliform featuring Gas Cooking and Breakfast Room Formal Dining Room and Study Custom Bathrooms by Waterworks Parking: 4-Car Attached Garage with A/C + Additional Parking Expansive Backyard with Manicured Green Space, Synthetic Grass, Outdoor Gym and Covered Patios with BBQ and Dining Area Infinity-Edge Swimming Pool and Oversized Spa Volleyball Court Offered at $9,950,000 $9,150,000
Douglas Elliman’s Q2 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on August 11, 2020August 11, 2020 by Michael Light Douglas Elliman has released the 2nd quarter 2020 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q2 2020 Market Reports: Douglas Elliman’s Q2 2020 Miami Coastal Mainland Market Report Douglas Elliman’s Q2 2020 Coral Gables Market Report Douglas Elliman’s Q2 2020 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q2 2020 Sales Overall Highlights “After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to see substantial declines.” There were 1,149 condo sales, down 47.7% and 1,523 single-family sales, down 31.6% from the year-ago quarter. The number of condo listings fell 11.1% to 7,046, year over year. Single-family listings declined 27.6% to 2,653 as would-be sellers either pulled their listing or delayed placing them on the market during the market shutdown. Aventura Sales fell sharply year over year during the market shutdown. Price trend indicators showed mixed results during the market shutdown. Brickell Sales fell sharply year over year during the market shutdown. Price trend indicators showed mixed results during the market shutdown. Coconut Grove Condo sales fell sharply year over year during the market shutdown. Condo price trend indicators showed mixed results during the market shutdown. Single-family price trend indicators showed mixed results during the market shutdown. Single-family listing inventory continued to show significant declines from the prior-year quarter. Downtown Miami Condo price trend indicators mostly moved higher year over year. Condo listing inventory and number of sales declined during the shutdown. Single-family price trend indicators continued to rise. Single-family listing inventory and the number of sales fell sharply year over year. Palmetto Bay Sales and listing inventory fell sharply year over year during the market shutdown. Price trend indicators showed mixed results as marketing time fell. Pinecrest Sales and listing inventory fell sharply year over year during the market shutdown. Price trend indicators showed mixed results as marketing time fell. South Miami Price trend indicators and average sales size rose year over year. Listing inventory slipped as the number of sales declined sharply. DOWNLOAD: Douglas Elliman’s Q2 2020 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q2 2020 Sales Overall Highlights “After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to drop.” The decline in sales represented what a spring housing market looks like when it is shut down to fight a pandemic. There were 98 single-family home sales to close, down 18.3% and 32 condo sales to close, down 61.4%, respectively, from the same year-ago period. Single-family home listings declined 23.5% to 342 as would-be sellers either pulled their listing or delayed placing their listing on the market during the market shutdown. The number of condo listings fell 19.5% to 223 year over year. DOWNLOAD: Douglas Elliman’s Q2 2020 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q2 2020 Sales Overall Highlights “After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to see substantial declines” There were 415 condo sales, down 51.8% and 86 single-family home sales, down 16.5% from the year-ago quarter. The number of condo listings rose 2.7% to 5,722 year over year. Single-family home listings declined 11.5% to 671 as would-be sellers wither pulled their listing or delayed placing them on the market during the market shutdown. Sunny Isles Beach The number of sales saw a substantial decline due to the market shutdown. Price trend indicators showed mixed year over year results. Bal Harbour The number of sales saw a substantial decline due to the market shutdown. Price trend indicators declined year over year. Bay Harbor Islands The number of sales saw a substantial decline due to the market shutdown. Price trend indicators showed mixed year over year results. Surfside All condo price trend indicators were skewed higher by the jump in sale size. Condo sales saw a substantial decline due to the market shutdown. Single-family home sales saw a substantial decline due to the market shutdown. Single-family home price trend indicators declined year over year. North Bay Village All condo price trend indicators were skewed higher by the jump in sales size. Condo sales saw a substantial decline due to the market shutdown. Miami Beach Islands The number of sales moved higher. Price trend indicators declined year over year. North Beach The number of sales saw a substantial decline due to the market shutdown. Price trend indicators declined year over year. Mid-Beach The number of sales saw a substantial decline due to the market shutdown. Price trend indicators showed mixed year-over-year results. South Beach The number of sales saw a substantial decline due to the market shutdown. Price trend indicators showed rising year-over-year trends. Key Biscayne Condo sales saw a substantial decline due to the market shutdown. Condo price trend indicators showed rising year-over-year trends. Single-family home sales rose despite the market shutdown. Single-family home price trend indicators slid year over year. Fisher Island Price trend indicators and average sales size continued to move higher. The number of sales saw a decline due to the market shutdown. DOWNLOAD: Douglas Elliman’s Q2 2020 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.